Elon Musk still has BTC

When it comes to bitcoin, Elon Musk has not always been the most kind guy. In the past, he has made unfair judgments about it, and when it comes down to it, it appears that he is a much bigger fan of some of its altcoin cousins, such as Dogecoin, than he is of the currency that started it


Elon Musk has not completely divested himself of his bitcoin holdings.
It has just come to light that Elon Musk's electric vehicle firm, Tesla, which he also owns and manages, is in possession of some bitcoin worth around 218 million dollars. This is intriguing due to the fact that it was made apparent a few months ago that Musk and Tesla had sold a significant portion of their bitcoin holdings when the price began to dive. The reason why this is relevant is because of this fact. During the early months of 2021, the corporation had spent around $1.5 billion purchasing the asset. For the most part, the company had kept onto these units for a considerable amount of time after making the acquisition.

When contrasted with a year such as 2021, though, the year 2022 has been on the complete other end of the spectrum. The previous year was seen as a very successful one for bitcoin and other cryptocurrencies. In December of that year, the price of bitcoin reached a new all-time high of around $68,000 per unit, making it the world's most valuable digital currency according to market value. However, as of right now, the value of the currency as a whole has decreased by almost 70 percentage points after suffering a series of major setbacks. It's a terrible and revolting sight to see.

The value of the crypto sector as a whole has decreased by more than $2 trillion in just the previous few months alone. It looks that Musk and Tesla were able to keep part of the bitcoin they acquired at the beginning of 2021, despite the fact that a significant portion of it was afterwards sold off. In spite of the disparaging comments that Musk has made about bitcoin in the past, one might say that Musk, who is obviously a very intelligent man (you'd have to be to become the wealthiest soul on Earth), nevertheless unconsciously acknowledges that bitcoin possesses some worth.

It is said that he is aware that the currency might make a comeback in the future just like it did in the past, and because of this, he does not want to completely remove himself from the competition. He is keeping just enough so that he may profit from any additional profits that may occur in 2023.

Musk explained in a recent statement that the majority of the bitcoin that was purchased was sold not because he no longer likes bitcoin, but rather because the company was looking for ways to garner more cash as COVID lockdowns continued in China. Musk made this statement in response to criticism that he had made regarding the company's handling of COVID. He remarked that

Because of the unpredictability of COVID lockdowns in China, it was essential for us to make the most of our financial situation.

A Revolutionary Past
Musk made the announcement somewhere in the early part of 2021 that he was going to enable current BTC holders to spend their assets on the purchase of electric automobiles.

Sadly, this didn't last for very long since, as time went on, he explained that he became concerned about the quantity of energy that was being used to mine new units.

Orizu Ebube

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